With 15.3% CAGR, Platelet Rich Plasma Market Size to reach USD 1,048.6 Million by 2023

Pune, India, Dec. 08, 2023 (GLOBE NEWSWIRE) — The global platelet rich plasma market size was valued at USD 337.2 million in 2022 and is expected to be worth USD 387.8 million in 2023, and it is projected to reach USD 1,048.6 million by 2030, recording a CAGR of 15.3% during the forecast period.

Platelet Rich Plasma (PRP) therapy refers to a form of treatment that induces the natural growth factors in blood cells to treat and heal injured tissues. The growing incidence of neurological and orthopedic ailments is predicted to fuel the platelet rich plasma market growth.

Fortune Business Insights™ displays this information in a report titled, “Platelet Rich Plasma Market, 2023-2030.”

Notable Industry Development:

June 2023: Isto Biologics announced the launch of Precise, a novel technology that delivers a final platelet-rich plasma product with precision cellular fractions upon concentration. The technology allows surgeons and physicians to customize their platelet-rich plasma treatments to fit the unique needs of their patients.

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Key Takeaways:

• ProGen PRP Advantage was renamed ProGen PRP Eclipse by Crown Aesthetics. This easy-to-use technology promised to meet every customer’s need with reliable outcomes.
• One of the newer companies in the industry, Isto Biologics, purchased TheraCell, Inc. The company’s emphasis on providing exceptional solutions for surgical and clinical care procedures in spine, orthopedics, and sports medicine would be strengthened by this acquisition.
• Exactech, Inc. showcased its cutting-edge products and active intelligence solutions at the 2022 Annual Meeting of the American Academy of Orthopedic Surgeons (AAOS) in Chicago.
• For the supply and development of its biologic products, including bone substitutes, Exactech, Inc. collaborated with RTI Surgical.
• Osteopore Limited and Terumo Corporation inked a contract for the sale and promotion of each other’s regenerative products, including PRP, throughout Asia Pacific.

Discover the Leading Players Featured in the Report:

Arthrex, Inc. (U.S.), Isto Biologics (U.S.), Zimmer Biomet (U.S.), ThermoGenesis Holdings, Inc. (U.S.), Exactech, Inc. (U.S.), EmCyte Corporation (U.S.), Stryker (U.S.), Terumo Corporation (Japan), Johnson & Johnson Services, Inc. (U.S.)

Report Scope

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Drivers and Restraints:

Rising Incidence of Sports and Musculoskeletal Injuries to Foster Market Progress

The number of people participating in sports and other recreational activities is rising at a commendable rate every year, thereby increasing their risk of sustaining severe musculoskeletal injuries. The demand for platelet rich plasma products is expected to rise in such cases as they are injected into the damaged tissues to facilitate the production of new blood vessels and accelerate the healing process. These advantages will fuel the market growth.

However, high treatment costs and lack of reimbursement policies can hamper the market progress.

Segmentation:

Use of Pure Platelet-Rich Plasma Products to Rise Due to Launch of New Reconstructive Care Products

In terms of product, the market is segmented into Pure Platelet Rich Plasma (Pure PRP), Leukocyte-Rich Platelet Rich Plasma (L-PRP), Platelet Rich Fibrin (PRF), and others. The Pure PRP segment captured a dominant market share in 2022 as more companies in this market are launching novel reconstructive care products.

Product Application to Rise in Wound Care Due to Growing Prevalence of Various Injuries

Based on application, the market is segmented into orthopedics, neurology, cosmetics, wound care, and others. The wound care segment dominated the platelet rich plasma market share due to the growing cases of severe injuries due to accidents and rising participation in sports activities.

Patient Visits to Rise in Hospitals & ASCs Due to Rising Availability of These Treatments

Based on end user, the market is segmented into hospitals & ASCs, specialty clinics, and others. The hospitals & ASCs segment held a dominant market share due to the growing patient footfall at hospitals and ASCs owing to rising availability of PRP treatments in these medical centers.

Concerning region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

By Product

• Pure Platelet Rich Plasma (Pure PRP)
• Leukocyte-rich Platelet Rich Plasma (L-PRP)
• Platelet Rich Fibrin (PRF)
• Others

By Application

• Orthopedics
• Neurology
• Cosmetics
• Wound Care
• Others

By End User

• Hospitals & ASCs
• Specialty Clinics
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Report Coverage:

The report has studied the market in-depth and focused on various crucial areas, such as end users, applications, and products. It gives insights into the market’s competitive landscape, latest market trends, and top industry developments. The report also gives information about the impact of the COVID-19 pandemic on the market. Besides the abovementioned factors, the report covers many factors that have accelerated the market’s growth.

Regional Insights:

North America Dominated Global Market Due to Presence of Reputed Market Players

North America dominated the global market due to the growing presence of reputed market players and rising FDA approvals for PRP products. Moreover, the presence of a robust healthcare infrastructure is also another major factor driving the regional market’s growth.

Europe captured a sizeable share of the global market due to the growing incidence of orthopedic and neurological disorders.

Competitive Landscape:

Key Market Players to Focus On Major Strategic Initiatives to Maintain Market Dominance

Some of the key companies operating in the global platelet-rich plasma market are focusing on various critical strategic initiatives, such as new product launches and collaborations to boost their dominance in the market. Some of the top market players include Arthrex, Inc., Zimmer Biomet, Stryker Corporation, ThermoGenesis Holdings, Inc., Isto Biologics, and Exactech, Inc.

FAQ’s

How big is the Platelet Rich Plasma Market?

Platelet Rich Plasma Market size was USD 387.8 Million in 2023.

How fast is the Platelet Rich Plasma Market growing?

The Platelet Rich Plasma Market will exhibit a CAGR of 15.3 % during the forecast period, 2023-2030

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